Seoul stocks open sharply higher on chip gains, easing Mideast tensions
Korean stocks opened sharply higher Wednesday, led by gains in tech heavyweights, following the tech-heavy Nasdaq Composite's back-to-back record closes. The benchmark Korea Composite Stock Price Index (KOSPI) was up 105.36 points, or 1.5 percent, to 7,123.27 as of 9:15 a.m. On Tuesday (local time), U.S. stocks ended mixed, led by a persistent rally in technology shares that propelled the Nasdaq…
Korean stocks experienced a significant surge on Wednesday, propelled by robust gains in technology companies, following the tech-heavy Nasdaq Composite's consecutive record closures. The Korea Composite Stock Price Index (KOSPI) surged 105.36 points, or 1.5 percent, to 7,123.27 by 9:15 a.m. local time. On Tuesday, U.S. stocks concluded mixed, with technology shares leading a rally that propelled the Nasdaq Composite 0.45 percent higher to another record high.
Conversely, the Dow Jones Industrial Average slipped 0.36 percent, while the S&P 500 declined 0.06 percent. Investor confidence improved considerably, driven by a sustained rally in artificial intelligence (AI) stocks and optimism over potential de-escalation of Middle East tensions. Diplomatic initiatives aimed at resolving the Middle East conflict were underway, contributing to a fall in oil prices.
Most major Korean companies witnessed an uptick in value. Samsung Electronics, a top market cap company, increased by 2.71 percent, while chip manufacturer SK hynix rose 2.07 percent. SK Square, the parent entity of SK hynix, climbed 4.24 percent. Samsung Electro-Mechanics, an electronics component firm, also rose.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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